How do goldsmiths shops make money?

Question

How do goldsmiths shops make money?

Answer 1

as in all businesses ... "buy low and sell high".

I understand that in Vietnam, the gold shops are also foreign exchange centers for the locals there .... they get a higher exchange rate for US dollars to their Vietnamese Dong .....  instead of going to the local Western Union office, for example ....

Answer 2

By selling back to the customers 5x more expensive than it actually costs.

I know cuz I'm in that bussiness, but instead of selling back 5x, I sell all of jewelry back 50x more expensive than the actual price.  So I guess I've made a good profit by lying to people.....lmao.

I don't know why you would even ask this question?

Answer 3

buying 14 caret gold and selling it as 18 caret gold

Answer 4

This question was answered earlier.  They sell the beautiful jewelry they make and exchange money.  There is a mark up on both.  cheers

Answer 5

Why do you keep asking this same question.

Answer 6

this would be an uneducated guess,but i think they might sell gold